Question
In: Accounting
Mitchell County maintains a tax agency fund for use by the County Treasurer to record receivables,...
Mitchell County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2019, the following taxes were levied:
1. $4,800,000 in property taxes were levied for the General Fund, of which 3% are deemed to be uncollectible.
2. $2,625,000 in property taxes were levied for the school district.
3. $2,415,000 in property taxes were levied for a town in the county.
Required:
A. Prepare the journal entries for each unit and the Agency Fund to record these levies.
B. The agency fund then collected 92% of the levy for each fund. The Mitchell County General Fund charges 2.75% of collections as a fee for maintaining the agency fund.
Prepare the journal entries for each unit and the Agency Fund to record these collections and fees.
Solutions
Expert Solution
Here is the solution if any
doubt please ask. Kindly rate me. Thankyou
ekkarill92 answered 1 year agoRelated Solutions
Benton County maintains a tax agency fund for use by the county treasurer to record receivables,...
Benton County maintains a tax agency fund for use by the county
treasurer to record receivables, collections and disbursement of
all property tax collections to all other units of government inthe
county. For FY 2016-2017 the following taxes were assessed:
Benton County General fund $18,250,000
Town of Thomas 6,000,000
Town of Hart 4,000,000
Benton County School District 18,250,000
Various Special Districts 4,800,000
Total $51,300,000
During the first six months of the fiscal year, the following
transactions took place:...
Benton County maintains a tax agency fund for use by the County Treasurer to record receivables,...
Benton County maintains a tax agency fund for use by the County
Treasurer to record receivables, collections, and disbursements of
all property tax collections to all other units of government in
the county. For FY 2016–2017, the following taxes were
assessed:
Benton County
General Fund
$
18,330,000
Town of Thomas
6,028,000
Town of Hart
4,020,000
Benton County School
District
18,342,000
Various Special Districts
4,824,000
Total
$
51,544,000
During the first six months of the fiscal year, the following
transactions took...
Baird County maintains an investment trust fund for the School District and the Town of Bairdville...
Baird County maintains an investment trust fund for the School
District and the Town of Bairdville (separate governments).
Presented below is the preclosing trial balance for the investment
trust fund, a private-purpose trust fund.
Trial Balance—December 31,
2017
Debits
Credits
Accrued Interest
Receivable
$
23,000
Cash
38,300
Deposits—School District
$
459,600
Deposits—Town of Bairdville
336,200
Decrease in Fair Value of
Investments (bonds)
15,300
Interest Income
91,800
Investments—Corporate Bonds
1,576,000
Investments—U.S. Treasury
Securities
1,530,000
Net Position held in
trust—School District (Jan....
Baird County maintains an investment trust fund for the School District and the Town of Bairdville...
Baird County maintains an investment trust fund for the School
District and the Town of Bairdville (separate governments).
Presented below is the preclosing trial balance for the investment
trust fund, a private-purpose trust fund.
Trial Balance—December 31, 2017
Debits
Credits
Accrued Interest Receivable
$
23,000
Cash
38,300
Deposits—School District
$
459,600
Deposits—Town of Bairdville
336,200
Decrease in Fair Value of Investments (bonds)
15,300
Interest Income
91,800
Investments—Corporate Bonds
1,576,000
Investments—U.S. Treasury Securities
1,530,000
Net Position held in trust—School District (Jan....
Record both budgetary and actual journal entries for the capital projects fund of Everett County. Record...
Record both budgetary and actual journal entries for the capital
projects fund of Everett County. Record all appropriate accruals.
No closing entries are required. Assume a fiscal year-end of
December 31. 20x7
1. The county issues $5,000,000 of 5%, 9-month bond anticipation
notes on July 1, 20x7, to allow the county to begin immediate
construction on a new state of the art recreational baseball
complex for area youth. The bond anticipation notes are issued in
relation to the upcoming bond...
Martin receives the following tax bills, related to a rental dwelling, from the county treasurer:
Martin receives the following tax bills, related to a rental
dwelling, from the county treasurer:Special assessment for installing sidewalks and streets$12,000Real property tax on dwelling for the 1/1/18–12/31/18 property tax year, due on 10/1/18$1,500On May 1, 2018, Martin sells the dwelling for $70,000. His basis
in the dwelling at the date of sale is $40,000. Martin's basis in
the dwelling does not reflect the property tax bills. As part of
the sale contract, the buyer agrees to pay the real...
At the start of 2020, a county general fund issues property tax bills in the amount...
At the start of 2020, a county general fund issues property tax
bills in the amount of $9,000,000. It expects to collect $8,800,000
from property owners, with the rest expected to be uncollectible.
During the year, $8,750,000 in 2020 property taxes is collected. Of
the remaining $250,000 in uncollected taxes at year-end, it is
estimated that $100,000 will be collected within 60 days and the
rest are uncollectible.
Using the attached T-account template, prepare the entries
required to recognize the...
Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Agency Fund The City of Smithville administers...
Chapter 8 Recording Transactions Affecting a Fiduciary
Fund—a Tax Agency Fund
The City of Smithville administers a tax agency fund that bills
and collects property taxes levied by the governing bodies of the
Smithville Consolidated School District (CSD), Smith County, and
the Smith County Fire Protection District (FPD), in addition to
those levied by the City of Smithville for its General Fund. (Note:
Beginning in FY 2018, the tax agency fund will also account for
property tax billing and collection...
A city uses a Property Tax Collection Custodial Fund to account for the collection of property taxes for itself, a county, and a school district.
Part VII: Custodial FundsA city uses a Property Tax Collection
Custodial Fund to account for the collection of property taxes for
itself, a county, and a school district. Prepare journal entries to
record the following transactions and events for city’s Custodial
Fund during calendar year 2020.During 2020, property taxes were levied for the city
($6,000,000), the county ($3,000,000) and school district
($9,000,000). Assume taxes collected by the Custodial Fund for the
city will be paid to the city’s General Fund.Property...
Use economic reasoning to analyze the impacts of an employee payroll tax to fund a program...
Use economic reasoning to analyze the impacts of an employee
payroll tax to fund a program such as paid family leave
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- From 1965 to present, feminism sought to critique mainstream American society in order to challenge proscribed...
- For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional...
- Paymaster Enterprises has arranged to finance its seasonal working-capital needs with a short-term bank loan. The...
- TOWS matrix of WOW MOMO
- Write an anecdotal lead with a person focus from the following information; include a nut graph....
- Step 1 Picture yourself as a Senior Product Manager in your favorite industry. This could be...
- Gauss Jordan elimination using python for a 2d list (3x3) without using any library. Thanks
ADVERTISEMENT